- Ghana cedi opens May 2025 weaker at GH¢14.60 (retail) and GH¢13.65 (interbank) per US dollar
- Currency still up over 7% since January, ranking among Africa’s best performers
- CFA franc holds position as Africa’s top-performing currency
The Ghana cedi opened the week on a downward trajectory, despite recording a solid performance throughout April 2025.
On the retail market, the cedi traded at GH¢14.60 to the US dollar, while the interbank rate stood at GH¢13.65.
Despite this recent dip, the cedi remains one of Africa’s strongest-performing currencies in 2025, having gained over 7% since the start of the year. The CFA franc, used across Francophone West Africa, currently leads as the continent’s top-performing currency.
Analysts project relative stability for the cedi through May 2025, barring any major external shocks.
Databank Research attributes the cedi’s resilience in part to a recent agreement between the government and nine mining companies, brokered by the Ghana Gold Board (Goldbod). The agreement mandates the sale of 20% of each firm’s estimated monthly gold output—about 200 kilogrammes—to the government before export.
This arrangement enables the government to settle payments in Ghana cedis rather than US dollars, reducing pressure on the foreign exchange market.
“We view this as a positive strategy to reinforce gold reserves and support the cedi in May 2025. Coupled with the Bank of Ghana’s targeted interventions, we anticipate continued strength in the local currency,” Databank noted.
In April 2025, the Bank of Ghana also injected US$490 million into the forex market to help meet demand and stabilise the cedi.
